Jerome Powell Archives - Lion and Palm Tree

Jackson Hole Symposium 2021

If the US pullout from Afghanistan signalled its disinclination to be the policeman of the world at the cost of its men and money, this year’s Jackson Hole Symposium and Chairman Powell’s address mark a no less strong aversion to being the central banker of the world. That it came in the 50th anniversary month of President Nixon snapping dollar convertibility into gold is particularly apt. This post is an overview of some of the presentations held at Jackson Hole Symposium 2021. Continue reading “Jackson Hole Symposium 2021”

Jerome Powell at Jackson Hole

Delivering the opening remarks at the Kansas City Fed’s annual Jackson Hole Symposium on 27 August 2020, Jerome Powell, Chair, Board of Governors, Federal Reserve System, discussed the first ever review of the FED’s monetary policy framework. Earlier in the day, the FED had released a revised Statement on Longer-Run Goals and Monetary Policy Strategy, which laid down its goals, framework for monetary policy, and would serve as the foundation for policy actions. Continue reading “Jerome Powell at Jackson Hole”

The Jackson Hole Symposium 2020

The annual Jackson Hole Symposium, organised by the Federal Reserve Bank of Kansas City, kicked off today, 27 August 2020, in what is perhaps the first instance that the Symposium is being held completely online, since its beginning in 1978. The event otherwise is held every year at Jackson Hole, Wyoming. It brings together economists, financial market participants, academics, U.S. government representatives and news media to discuss long-term policy issues of mutual concern. Continue reading “The Jackson Hole Symposium 2020”

“Pandemic depression”: The way ahead

In the October/November 2020 issue of Foreign Affairs, Carmen Reinhart of the World Bank and Vincent Reinhart, Chief Economist for BNY Mellon Asset Management, have this article on “The Pandemic Depression: The Global Economy Will Never Be the Same.” They cite various data to justify the expression. Bank of England had predicted the steepest decline for UK since 1706. The unemployment figures in the US are the worst since the Bureau of Labor Statistics has had data on it. The World Trade Organization estimated that global trade is poised to fall by between 13 and 32 percent in 2020. And the World Bank had predicted that the global economy would shrink by 5.2 per cent in 2020, and that 60 million people will be pushed into extreme poverty as a result of the pandemic. Continue reading ““Pandemic depression”: The way ahead”

Powell on Covid-19 and the Economy

On 9 April 2020, Jerome Powell, Chairman of the Federal Reserve Board, spoke at the Hutchins Center on Fiscal and Monetary Policy, The Brookings Institution, Washington, D.C. (via webcast) on Covid-19 and the Economy. Highlights of the speech: Continue reading “Powell on Covid-19 and the Economy”